This guide offers a simple introduction to some of the essential areas of bookkeeping and accounting in Norway.

After reading the guide, we hope you are familiar with the basic tasks and able to make the decision whether to do the accounts yourself or engage external expertise. The purpose is to help you get started.

We will cover the following topics:

Chapter 1: Treat Accounting as Serious Business
Should you do the accounting yourself? What type of accounting system to use?

Chapter 2: Accounting System
Legal requirements, both with respect to the accounting system and the accountant. How is value added tax (VAT) calculated in an accounting system? And how to organise the vouchers?

Chapter 3: Understanding the Accounts
What does the profit and loss statement tell us, how to interpret the balance sheet and what is the connection between liquidity and equity? Also – understand the relationship between profit and liquidity. – Do you save tax by rapid down payment on your loans; - do you save tax by investing this year?

Chapter 4: Assisting Tools – Budget
Do you need a budget? If so, how to make one? How to assess your financial situation; are you doing well or poor? Budget simulation.

Chapter 5: Reporting Requirements – Returns
Are you VAT liable? How to submit the necessary returns: VAT, Annual Accounts, Income Tax Return, payroll tax and tax deduction.

Chapter 6: Invoice Your Sales Promptly and Correctly
What should the invoices look like, how frequently should you invoice your customers and what is actually the cost of the credit period?

Chapter 7: Balancing the Cash
What are the legal minimum requirements? How to balance the cash? Cash register and vouchers.

Chapter 8: Wage Payment
What to consider, do it yourself or engage an accountant? How to specify a travel expense sheet?

Chapter 9: Stocktaking
What is required according to the legislation? How to establish sound routines? What to remember?

More?
See more about accounting in the web pages of The Norwegian Association of Authorised Accountants (NARF).
Also see Skatteetaten (Tax Authorities), The Brønnøysund Register Centre and Lovdata (Legislation). Although mainly in Norwegian, you will find some information in English too. When relevant supplying information is available in English, we will provide links.
If still in doubt, call us during work hours at Narvik Business Hotline, toll free number 800 33 840, and we will assist you immediately.


Our main information sources:

  • www.bedin.no
  • The Brønnøysund Register Centre - www.brreg.no
  • The Tax Administration - www.skatteetaten.no
  • The Ministry of Finance - government.no (MF)
  • The Financial Supervisory Authority of Norway - www.kredittilsynet.no
  • The Lovdata Foundation – www.lovdata.no

Acknowledgements

This guide is a translation of the Norwegian Accounting Guide (Regnskapsguiden) found in www.bedin.no. Translation to English by Snorre Jørgensen, with valuable assistance from Hanne Rossvoll Larsen. Nevertheless, all mistakes are mine and mine only. We will emphasize that the information in this guide is introductory. Additional information can be found in the web links we have included with the text. However, at the time of writing the acts referred to are not available in English.


Copyright:(c)Bedin.